Archive for February 23rd, 2010

Consumers in at least four states have seen their health insurance premiums skyrocket, according to “Individual insurance rates soar in 4 states” from the Associated Press. The article applies mostly to consumers that purchased their own individual health insurance, either because they didn’t have any from an employer or they found better rates when they went to compare health insurance at the individual versus the company level. Anthem Blue Cross Blue Shield in California plans to raise its individual policyholders’ rates by up to 39% at the beginning of next month. In Maine, Anthem Blue Cross plans up to 23% increases this year, after increasing rates 32% last year.

Many insurance companies in Oregon plan to raise rates by up to 15% after a majority of the individual plans increased by 25% last year. Unfortunately premiums are much more volatile for consumers who hold individual insurance policies because they can’t get the group discounts allowed to employers and other large groups. It is predicted that individual insurance rates will increase in the short term by up to 30% across the board. Without any kind of meaningful health care reform happening at the federal level, states will most likely start the legislative process of helping their consumers. Companies like Golden Rule Insurance work to give you affordable health care in a climate with seemingly outrageous increases. While insurance companies defend the increases and say they are necessary, the best that individuals can do right now is shop around for the best health insurance for them and contact the government to get involved in legislation.